Tuesday, December 2, 2008

Ford and Toyota Post Large Sales Declines

Toyota Motor Corp (TM) posted a huge decline in sales for the month of November, down 33.9%. Ford Motor Corp also posted a very substantial drop of 30.6%.

This may help US automakers make their case for the current brutal sales climate as they return to Capital Hill in hopes of gaining the $25 billion loan the are seeking.

Ford was the first of the US automakers to enter a second pitch for a federal lifeline. This morning they laid out plans to Congress to return to profitability by 2011. GM and Chrysler are scheduled to turn in their plans later today as well.

To put the Ford loss into hard numbers, November U.S. sales fell to 123,222 cars and trucks from 177,485 a year ago as the fragile economy made it difficult for consumers' to purchase new vehicles.

In a statement released by Jim Farley, head of Ford's marketing and communications team,"We believe the economy will continue to weaken in 2009, Our near-term production plan reflects this view, as we continue to align capacity with customer demand."

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